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20121201
20121231
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of drama in washington. congressional leaders have arrived at white house. they arrived there about an hour ago with three days to go before we go over that proverbial fiscal cliff. they are meeting with the president and the treasury secretary timothy geithner, and they are trying to hash out a deal. but reports that the president has nothing new on the table has ended up spooking wall street in a big way just in the last hour, and as bill said we finished down near the lows of the day, down about 157 points for the dow. settling up right now. down what, about 165 at the very low, bill? >> i think so, yes. >> and the nasdaq finishing down 25 points and the s&p off by 15, a fifth straight day in the red. well, it is the last friday of 2012. it's in the books. check. still no deal in sight and no new offer either on the table from the president as eamon javers told us a little while ago. what now for the markets? we have our guests and our very own rick sell sebak with us. rick, let me get to you, first of all, because you're here on the set. what now for the markets? >> what now for the mar
house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue. this was part of john boehner and plan. those tea party-backed conservatives say this is something that would help job growth. clearly what we're seeing here is republicans are not speaking with one voice. >> republicans should not be conceding that the federal government needs more money, negotiating with ourselves and treating the president's proposal like it's serious. >> we do agree that 8% of the american people are getting about 80% of this tax cut shouldn't have their taxes raised. my suggestion was let's take the one area we agree and take it off the table. >> but zo
there in washington as we wait for the white puff of smoke to come out of the white house, eamon. >> reporter: kind of what feels like here, bill. a lot of energy at the white house, a lot of curiosity surrounding this meeting. what you can't see from here and what i can't show you, unfortunately, is just about 50 yards from here is where you saw speaker boehner walking into the building, and we've got a whole cadre of white house still press photographers up on ladders peering over the hedge trying to get a picture of the leaders as they walk in and just to the left of that crowd is another crowd of reporters all gathered around the stakeout cameras. that's where the leaders could come out and talk to microphones if they wanted to say anything after this meeting. there's a lot of anticipation of whether they will say anything after this meeting, and it's widely seen that this would be a good sign for negotiations if they do come out and talk. a lot of previous white house meetings, they have not come out to say anything afterwards, so all those folks waiting over there might be waiting in vain her
now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the senate floor with the speaker of the house. take a listen. >> it's beings operated with a dictatorship of the speaker not allowing the vast majority of the house of representatives to get what they want. if the 250 would be brought up, it would pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with demo
said he was come back to washington and jumping on an airplane to review some new proposal from the president that they expected to get. the whole afternoon has been spent by reporters trying -- trying to figure out what was going on. now harry vaed responding to mcconnell so let's right to it. >> he's upset because, quote, the phone never rang. he complains i've not delivered solutions to the fiscal cliff. he's in error. we all know that in july of this year we passed in the senate the relief that would give -- that it would give to middle class americans. that -- that passed the senate. now, we know the republicans have buried themselves in procedural roadblocks in everything we're trying to do out here and now they are saying, well, we can't do the 250 because it wasn't blue slipped, because it will be blue slipped. mr. president, how does the american people retook the that? there was a bill introduced by the ranking member of the ways and means committee in the house, sandy levin, that called for this legislation. the speaker was going to bring it up to kill it, but he coul
washington the benefit of the doubt so far today. we've had no real progress to speak of on the fiscal cliff. the president did speak publicly about it today. but we haven't exactly taken any step backwards either on wall street as far as the major averages go. we have had more special dividends declared, which we'll get to. first, get you caught up on the markets. kind of a meandering day. a few economic bits of data out today. other than that, not a lot going on as far as economic data go. we're all just waiting to see that white puff of smoke come out of washington and nothing yet so far. the dow virtually unchanged right now at 12,966. the nasdaq is down seven points right now. we'll talk with seema mody about that. and the s&p 500 index at this hour is down 1.80 in change at 1407. in today's "closing bell" exchange, we go over what is going on as we head toward the end of the year. seema mody is at the nasdaq today. jeff, what do you make of what's going on in washington? i'm most interested in the fact that the markets have lost the volatili volatility. we're not seeing the markets res
back to us. >> yeah. thank you. >>> there is some action in washington tonight. at this hour the senate has just passed a $60 billion aid bill for communities slammed by super storm sandy. that vote was 61 for, 33 against. sandy road ashore devastating several areas and the senate rejected a republican amendment to cut the immediate cost to just 23 million clearing the way for final action on the $60 billion bill. the bill now goes to the house where its passage is uncertain because of the non-sandy-related spending items that are in the bill. typical sausage making for washington. >>> let's get to our panel. here now is blake zeff, former obama campaign aide and washington editor. robert, have you heard anything in the last couple of hours that suggests to you that somehow by monday mitch mcconnell and harry reid will sing kumbaya, pass something in the senate that also passes the house? >> i'm not so sure they'll be sing kumbaya, but the real story today is that there's movement on capitol hill. reid and mcconnell come out of that white house meeting and they're ready to haggle over s
about it. the only thing being we're relying on our leaders in washington to try to craft some sort of solution. >> did you have quotes around the word leader then? i'm only watching your lips. if you were to type that, would there be quotes around leaders? >> yes. >> thank you. i rest my case. >> i'm willing to take those quotes off. >> if they show that they are truly leaders without quotes. >> i come to work every day, my tallahassee paycheck, still in my wallet. i was a reporter. i made $137 a week. and if i had seen that go down to 127, i would have been angry. that was my subsistence. there are people who play for dinner in this country and their subsistence are on the line and they're going to be furious. but they're not going to get furious until they see their paycheck. >> it's going to impact gdp in the first quarter, and the second quarter. americans are feeling like they're protected from the democrats? because they're in lower income households? but they won't be. their paychecks will be less because the payroll tax cut will be gone. the amt, also gone. that will affect
to go up. but we only run the house. democrats continue to run washington. >> call me a hopeless optimist, but i actually still think we can get it done. >> eamon javers live in washington. eamon, fascinating to look at that tape in retrospect. >> i think a lot of people in washington think the make-or-break deal making sessions have already happened here. and one republican senator i talked to this morning said there are very low expectations now for this meeting at the white house today. and boy, how times have changed, carl. just watching that tape that you just ran. one of the things that i'll be watching for when i'm standing on the white house north lawn this afternoon is whether or not these four congressional leaders come out as they did back in november and talk to the press after the meeting. we've had a lot of meetings at the white house where people have left very quickly, gotten into a suv and driven off the complex without talking to reporters. if they come out to those microphones after this meeting and come out together, i think that will be a hopeful sign that pe
report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a listen. >> the truth is we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> we do know t
.m. and we'll come back to washington, d.c. sunday evening, 6:30 p.m., no later than. >> let's talk about the senate minority leader, mcdonnell, saying hopefully there's time to get this fixed. is there time? >> i think there is. you know, we have done our business in the house of representatives. we have sent a bill to the senate which says we will keep all these tax rates where they are and the senate must act on that bill. that election. -- legislation. we don't need to talk about people getting together in a room to come up with a deal. we need to do that which is pragmatic and keep the money in the pockets of the american people. right now the spending problem we have in washington, d.c. is affecting this country. we have not had a budget passed by the senate in the last three or four yours. we're telling the american people they have to tighten their bootstraps but we do not want to do that in washington, d.c. we have a federal reserve printing more money to the tune of $45 billion a month to buy up treasury bonds, which is a failed monetary policy which shows this economy is not on
and they want want to have that happen. second of all these are deal mayors. they came to washington to get deals done. and they see the result, the goal as a deal to get past this rather than looking at the numbers. the folks on each side eve are looking at the numbers and they say the deficit would be in better shape and the economy in the long run is in better shape. they are looking long term. the deal makers in the center are looking right now and say they are scared of the political consequences and we are not quite sure how the numbers end up, the last thing we need is a rescission. >> reporter: steve vin dinin in washington. thank you. >> reporter: new information on a horrified christmas eve tragedy as a note left by this ex-con suggests that he planned to kill first responders and possibly some of his own neighbors when he set this massive inferno, it happened on monday, after that before shooting two firefighters who arrived at the scene to help. trace gallagher live from our west coast newsroom with more on this disturbing story. trace. >> reporter: police say that note from 62-
. >> the markets watching washington and shuttling back and forth between the white house and the capitol. eamon javers has the latest. >> it looks like at this point the senate is going to have to come back on december 26th to take up among other pieces of legislation the fiscal cliff solution. apparently. so whether or not that's set in stone, we don't know. but it looks like they're floating now the idea of coming back after christmas to finish up a fiscal cliff deal. and the evidence we're getting closer to the deal came today with speaker boehner going for another meeting with president barack obama. he did not answer reporters' questions. we don't know exactly what was said in that meeting, but we know boehner has proposed new tax revenue of up to $1 trillion and agreed to the idea of raising tax rates in order to do that including on those folks making more than a million dollars a year. at the white house jay carney was asked whether the president's going to stick to his $250,000 a year threshold for tax increases. carney kind of wiggled around that question, didn't pin himself down. giv
earthquake the market will think something is going to happen in early january this is the way washington works, they walk right up to the edge of the deal, maybe even past the edge of the deal and then something happens. i still think the market believes there will be a deal, but it is a deal that might happen on january 14th. so, i don't think december 31st is a real deadline, in the mark it's mind. >> steve, tell us, what are the things that can happen that will sort of rouse the market here, move the market up or down ire way? >> well, first of all, i think the tendency for the market right now is to go higher because you have zero interest rates and zero interest rates act as a tremendous stock market flotation device. opposing investments are, you know, yielding essentially nothing at this point, so stocks become very attractive. but i still think the big story and the stories that most traders will be watching is the fiscal cliff so that's story number one. an interesting thing happened yesterday and that's the price of oil traded to an all-time high going back to october, not an a
you don't know the playing rules especially when there's so much disorganization in washington, there's no reason for the client to get involved. but when you add other taxes now, not just cap gains taxes and so on, now you're talking about high income cities like new york. you're talking about 53% plus another 3.8% with the obama care medicare surtax. >> so 53 -- 57% of the wealthiest out there -- 57% of their income is going to the government. then ron, you also agree even with that the habits are unlikely to change. >> well, that all depends. someone making a million dollars, $100,000 from dividend, 85 from capital gains. under the 250 rule, they're seeing their taxes go up $70,000 or so. under the million dollar proposal by boehner, that's a $30,000 increase. $30,000 is not that much. but it is after tax money. 70,000 is another number. i think it will affect them somewhat. i'm more worried about their future of what they'll not be saving. even the wealthy have to worry about the future. >> so how does it impact spending and give us the ripple effects of these higher tax rates and
. i want to get to washington with some of the latest headlines regarding speaker boehner and what eamon is referring to as plan b. >> what we know is the speaker is in the basement of the capital building here right now, meeting with republican lawmakers to brief them on the status of the fiscal cliff negotiation, and what a gop leadership aide is now telling news news is the speaker is now prepared to offer what he's calling a plan b, or a modified plan b in which we don't do the grand big deal that the president and speaker of the negotiating on, but instead do something much smaller that would eliminate the pending tax increases for all americans, the speaker saying that he would like to have some kind of a deal, a modified scaled-down proposal now that would eliminate those for as many people as he can. the details are very sketchy on what modified plan b actually means in practice. but basically, it's something he can keep in his hip pocket right now in case these negotiations with the president don't bear fruit. and presumably what we're talking about here, carl, is a little
big thing is no vacation without legislation. >> right. >> the "washington post" said as of last night, the halls of the capital were virtually deserted. >> cody's the only guy working there. that's embarrassing, isn't it? >> the president is scheduled to go to hawaii a week from today. >> it's boehner and obama. >> there are things, there's a telephone. understand, they have phone service in ohio and hawaii. >> there's an urgency here that dave cody gets. why? because he has said, i'm not hiring until we get this stuff fixed. now, why doesn't that -- well, everybody, the job, small business job creator. come on, man. honeywell hires. that means other towns do great. that means you get into a very virtuous cycle mode. david, it is not about the small businessman. the little businessman doesn't do well unless the big businessman does well. >> who are they selling to? >> honeywell just hired 200 people. >> no doubt about it. >> the opening bell here at the new york stock exchange for a friday. top of the screen, the s&p 500. nasdaq, avago technologies. >> single-family rentals, homes for
to leave for washington tonight. congress expected to return on thursday. president, guys, not expected to actually arrive in washington until tomorrow morning. no talks scheduled that we know of as of yet. all the attention's going to turn to the senate, which tends to be more of a compromising body than the house is. >> yes. and the president is available in person if you should want to go over there and visit with him. or perhaps if he wants to visit with anybody else. the consensus seems to be if you get some sort of a deal, it's obviously not going to be the big deal. it will simply be something that extends the tax cuts for the vast majority of americans, at least those earning less than $250,000 a year. the consensus seems to be, carl, that if we don't get a deal by the second or third or fourth week, the super bowl week, we'll start to feel it in the economy. >> we had a notable sell-off. there is typically a bias on christmas eve, but the worst christmas eve performance for the dow since 2006 because of the jitters about the fiscal cliff. it will be an interesting few days as c
to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the loss of confidence in american governance and the american economy, but that's not necessarily going to be the case. we still have a few days left. a white house official told me that there have been no progress over the last couple of days, but an aide to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >> yes. and the question about the mini deal would be, what we're talking about, just to make clear for our v
, listening to that conversation, a few minutes before the opening bell, front page of the "washington post," investors aren't waiting for a deal. they're selling stock, they're trying to sell homes. they're setting up shelters, gifts for taxes. this discussion is not academic by any stretch of the imagination. >> we have to avoid the cliff, period. >> yes, we do. >> we do. to your point, carl, $20 billion in special dividends have been paid out this quarter. some of the economists said this would be a jump of income in the household, payouts to dividends, acceleration into this year. >> becky and jim, who have been doing amazing work on capitol hill, did talk to grover norquist, a bit of a rematch after cramer's appearance a couple of weeks ago with grover norquist. >> obama personally moved it out two years, because he didn't want to raise taxes and damage the economy, because he said the economy was weak. the economy's not strong now. so the argument to raise taxes now is not any better than it was two years ago. i think there's a real danger we could end up with some damaging tax increa
quickly here. john harward in washington here today. thanks a lot. the cheddar, bacon, onion sandwich that boosted sales for mcdonald's in december. >> steve liesman's exclusive interview with richmond fed president jeffrey lacquer. the lone dissenter at every fed policy meeting this year. more "squawk on the street" after this. the . >>> all right. if the sight of this sandwich makes your mouth water, then you are in luck. because the mcrib is back at mcdonald's today. but how much do limited time offers really impact on sales? we're here to break down the mcrib effect. ladies, great to have you with us. rachel, i'll start off with you. what sort of impact could we see potentially in the month of december? i read in the past, in 2010 at least, one of these limited introduction offers that it actually boosted sales by almost 5%. >> i think it depends on what the lto is and what the prior year same-store comparison is. i wouldn't expect to see a positive number of the magnitude that you're discussing. actually, frankly, it will probably be something in the single digit negatives. but a
bigger hole than i think anyone in washington is willing to agree is such a problem. >> lrepublicans are angry the president laid out this plan that they say he knew would just inflame them. >> that's true. >> why toedon't republicans act like big boys and girls and present their own plan about how they specifically want to cut entitlements? isn't that how you negotiate? >> yes, but, of course, they've done that. that's the most curious thing to me. tim geithner said the republicans should come forward with a plan. you know this. over the last two or three years in the house of representatives controlled by republicans, they have passed what's called the ryan budget for three years in a row. it has very substantial entitlement cuts. you've reported on this on cnn. in fact, all the left wing groups had all these ads saying the republicans want to throw granny over the cliff. so it's pretty clear. republicans have been very specific about how they want to reform entitlements. the problem is there's no plan by the president. he's been in office for four years and we haven't seen a spend
if they don't do their job in washington. we're obviously concerned about it. if they deal with it, which we think they will. we think that next year should be pretty positive. >> meanwhile big party tonight? >> big party tonight, big party last night. >> that's what the city's all about. >> we'll be opening white plains in may, it will be a little warmer than it was up there last night. it's very exciting to see those hotels get done. 1,000 jobs for the city. >> you see at the bottom of your screen, nat gas inventory. >> listen natural gas prices are extending their gains from yet, after that 4% rally that we saw. we're looking at resistance perhaps around the 4.75 level. we saw a natural gas level that was certainly not what analysts were expectings. 65 billion cubic feet which is much greater than what the consensus was. that was between 64 and 68 million cubic feet. but it's also far greater than what we normally see this time of year. greater than last year's withdrawal. greater than the five-year average and it lets you know that we saw much cooler temperatures last week that certainly
've not talked a lot about the cliff today. it's been kind of refreshing. cover of "the washington post" today. why doesn't the market care, right? >> i think the market doesn't understand to some degree. there's a whole new school of thought that says it would be good. another school of thought that says it doesn't matter that much. they created the cliff to be able to drive us into recession to force compromise. it's rise above. to think that this won't mean anything is just -- i don't know. i think it's silly. >> we do have some other things to balance it out whether it is china today or -- >> freeport. i'm stunned by freeport. come on "squawk on the street" and tell us why you think this is a decent deal. >> no stranger to our airwaves. >> he should call in right now. why is this a good deal for shareholders? you have destroyed your own stock. >> we'll see you tonight, jim. when we come back, we're moments away from potential market mover. breaking news on ism services is coming up and factory orders plus the president as we said talking to business roundtable about fiscal cliff. he'll tak
day here on continuing hopes that we will get some sort of deal out of washington. also, with that euro stronger, that's certainly boding well, the dollar a bit weaker. we've got bullish numbers out of the american petroleum institute looking ahead to today's inventory numbers coming from the government. drawdown on crude, drawdowns all across the board. that is supported in the energy sector. but do watch today the january contract expires today. there's much more action in the february contracts. we have to watch the curve a little bit. we could see a little bit of volatility. we'll be back at 10:30 with those inventory numbers from the government. back to you guys. >> all right. thanks very much, bertha coombs. we want to talk about sirius satellite radio. the longtime ceo stepping aside. effective immediately. a bit earlier than had been anticipated. this is a company that is more or less controlled by liberty. and will soon be officially controlled by liberty. they are still waiting for the fcc's right of control to essentially go through. 49.8% of the company right
, her son attend a college out west, perhaps, in washington state. but, obviously just a terrible, terrible situation. megyn: yeah. we'll have much more on the investigation throughout the next two hours because we are learning quite a bit. rick, thank you. as rick just reported we are learning more about what kind of home life adam lanza had and the kind of struggles his family was facing. by all reports the gunman's mother, nancy lanza was the first victim. friends say she was extremely worried about her son particularly in the last couple of years. earlier today fox's own peter doocy spoke to a family friend about the relationship between adam and his mother. >> reporter: you said there were different things that she tried to do because she had a hard time bonding with him? >> yeah. she was trying to bond, find ways to bond with him and you know, she told me that the guns, you know, she would take them shooting because that was a way that, you know, a single mom could, you know, relate to her son. and so she would take him, take him out shooting. megyn: given what we're learnin
Search Results 0 to 26 of about 27 (some duplicates have been removed)

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